Deutsche Bank Group Stuck With Software Loans in Rare Hung Deal

A group of banks led by Deutsche Bank AG has been unable to sell about $1.2 billion of loans backing the acquisition of a software provider — the latest casualty of investor fears surrounding disruption from artificial intelligence.

Deutsche Bank told prospective creditors that the group will instead fund Conga Corp.’s acquisition of PROS Holdings’ B2B unit with a $625 million term loan, according to people familiar with the matter who asked not to be identified discussing private information. The group was also due to refinance a $540 million loan maturing in 2028, which will now remain outstanding, the German bank told investors.